Rengaz Holdings Limited Announce Change In Investment Manager

Hamilton, Bermuda, January 27, 2006 - Rengaz Holdings Limited (the "Company") wishes to announce the following changes to the board of its investment manager, Renaissance Capital Investment Management Limited.  As of January 20, 2006,  Mr. Stephen Jennings and Mr. Denis Fulling resigned from the board and Mr. James Keyes has been appointed as a director.  Mr. Keyes is also a director of the Company. Brief biographical details are as follows:

"Mr. Keyes is a Partner and Deputy Team Leader of the Funds & Investment Services Team within the Corporate/Commercial Department of Appleby Spurling Hunter.  He practices in the area of corporate and commercial law, particularly mutual funds, corporate finance and securities.  Mr. Keyes joined Appleby Spurling Hunter in 1993.  Prior to that, he worked with Freshfields law firm in London from 1989 to 1992.  Mr. Keyes attended Oxford University in England and graduated (M.A. with Honours) in 1985.  He was called to the bar of England and Wales in 1991 and to the Bermuda Bar in 1993.  Mr. Keyes is a member of the Bermuda International Business Association's committee on collective investment schemes.  Mr. Keyes is also a director of Russia Renaissance Fund SPC, as well as a number of other listed and non-listed investment companies including investment companies also managed by the Investment Manager.  He is a Bermudan citizen."

Ms. Sally Cox and Mr. Andrei Movchan continue as directors of Renaissance Capital Investment Management Limited.

For further information on the Company please contact:

Oleg Jelezko - Renaissance Capital Holdings Limited, 22 Voznesensky pereulok, 125009 Moscow, Russia (Tel. +7 (501) 258-7778)

Anthony Tighe - Custom House Administration & Corporate Services Limited, 25 Eden Quay, Dublin 1, Ireland (Tel. +353 1 878 0807)